Different Sources Of Finance And Different Legal Systems

The Chinese and Australia economies have many similarities and differences, including the size of the economies, growth rates, unemployment, inequality, standard of living, environmental issues and the roles the different governments have in influencing and modifying these factors of the economy.

1.1 – Explain the factors that need to be taken into account when assessing development

Countries have different endowments. Differing climates give advantages to the production of different crops. Differing histories and inclinations result in different advantages in finance, skills and manufacturing.

In 1853, first association of professional accountants, it also can be regarded as the beginning of the modern accounting profession. The UK accounting system is conducive to a principles-based approach rather than a rules-based approach to standard setting. Furthermore, the UK 's politic system is common law, which shows that accounting system in the UK has relatively fewer statutes, more interpretation and tends to be more flexible, adaptive and innovative, etc. Also, taxation does not have influence on accounting system, but Germany and Japan are in opposite Therefore, these all can have a significant influence on accounting system in the UK.

Topic: Why are some countries more developed than others? Explain why uneven development exists between countries (developed countries and less developed countries). Use specific reasons and examples to support your answer.

Convergence has become increasingly critical across nations in accounting mainly due to the global economy and need of international capital market. In the light of that, a demand arose for standardization of financial reporting in order to enable users of accounting reports among different countries to read, understand appropriately and being in a position of analyzing financial statements came from different countries. However, the paper argues that the link between convergence and comparability of financial reporting is to be questioned when it comes to different countries such as China.

The IOSCO plan does not cover accounting standards.(66) These standards are important for providing financial statements in a scheme that are prepared in the similar manner as those by issuers from other countries. The development of international accounting standards is the subject of a distinct project by IOSCO, and many accounting professionals who are concomitant with that undertaking are hopeful that a satisfactory solution is within reach.(67) Supposing, however, that an agreement is possible on a core set of financial standards and that they too are embraced by securities regulators as compulsory for foreign issuers, the road to commonality has at least two other impediments.

Primary education (quality, levels of development, etc.) b. Secondary education (quality, levels of development, etc.) c. Higher education (quality, levels of development, etc.) 2. Literacy rates C. Political system 1. Political structure 2. Political parties 3. Stability of government 4. Special taxes 5. Role of local government

Don E. Garner, D. L. (2008). Accounting and the global economy after Sarbanes-Oxley. London: M.E Sharpe.

a) Based on a randomly selected group of 500 patients with high cholesterol, it was found that 67% have heart disease. Is this a population or a sample; explain your answer. Population, because it is the study of a number of people for a particular study.

The two countries that we are going to compare are India and China. The greatest contrast among Indian China is the level of development in both nations. Advancement can be seeing more in India than in China and the struck me the most. There could be many variables causing this distinction. To begin with, let 's examine the differences in the government of meat country. Since the meaning of time, the Chinese government is continuing to do things their way heavily influencing what happens in the country. They have inumerous laws that directly or indirectly cause a standstill with innovation. The majority of the things our state possessed in China bus to begin something intends to first get every one of the clearances from the government, which is extremely troublesome. Conversely, Indian government advances development by

* Cultural differences across countries and regions of the world have complicated efforts to develop a common set of international accounting and auditing standards.

Ball, R. / Kothari, S. / Robin, A. (2000): The effect of international institutional factors on properties of accounting earnings, Journal of Accounting and Economics, Vol. 29, (2000) pp. 1-51.

The accounting system reform cannot be stopped until it is completely accepted by foreign companies, which has a long way to go. But only if China can do so, the global trading in China can get the most benefit and the investment.( Jiashe Ge. Facing the New Century-Focusing On the Trend of Chinese Accounting.1999)

The business environment appears to get smaller with each passing day. Therefore, accountants face troubles in remaining protected from the progressions that occur around the world (Diaconu and Coman 2006). Globalization hint at the regularly changing procedure of incorporation and connection among governments, individuals and organizations. The key three things that declare incorporate globalization venture, worldwide exchange and data innovation (Diaconu and Coman 2006). Globalization moves the world to another level and places it to more at the leading edge statures reliably. Outstandingly, globalization procedure have both negative and constructive effects on accounting (Godfrey and Chalmers 2007). This is unmistakable as in,